ONE Mortgage
If you are a first-time homebuyer, the ONE Mortgage Program is for you. ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable. Here are five reasons why you should choose ONE Mortgage:
- As little as 3% down
- Low, fixed interest rate
- No Private Mortgage Insurance (PMI)
- Financial assistance, for eligible buyers
- An investment in your future
How It Works
- Take a homebuyer education class
Find a class near you. - Contact a Participating Lender
They'll help you get pre-qualified for the ONE Mortgage Program. Find a lender near you. - Buy your first home!
If you have questions, call us toll free at 1-800-752-7131 or email us at ONEmortgage@mhp.net
Estimate how much you can buy with the ONE Mortgage Calculator
1 Getting Started
First, we need to know a few things to help estimate your mortgage payment and costs.
Buying a three-family property?
You must participate in one-on-one counseling with an MHP-approved agency before closing.
TIP!
We’ll use this to estimate taxes and insurance for you.
Also, program income limits vary by community.
TIP!
Include everyone who plans to occupy your property.
Don’t forget children or other dependents
2 Income & Debt
Your total income and existing debt help determine how much you can borrow.
TIP!
This is looking at your annual income before taxes or deductions.
Include income from all adult household members.
TIP!
Car payments, student loans, and credit cards are the most common household debt.
3 Financing
Your monthly principal and interest payments will depend on the property purchase price, your down payment, and the interest rate.
TIP!
TIP!
Must be at least 3% of the purchase price (with 1.5% from your own savings).
If you are buying a three-family, you’ll need to put 5% down (with 3% from your own savings).
This varies by lender, so please contact your lender for today’s rate.
TIP!
ONE borrowers benefit from below market interest rates, as shown to the left, but rates can vary by lender.
4 Monthly Costs
Taxes, insurance, and condo fees all factor into how much home you can afford.
5 Results
Here’s your estimate, and what you need to do next.
This number includes your principal, interest, taxes, and insurance (PITI).
This saves you ${ calculation.one.monthly_savings } per month over a conventional 30-year mortgage.
This increases your purchasing power by ${ calculation.one.price_difference } over a conventional 30-year mortgage.
What’s Next:
- Enroll in an Approved Pre-Purchase Homebuyer Education Class
- Contact a Participating Lender
- Get Down Payment Help
Mortgage Details:
| ONE Mortgage | Conventional | |
|---|---|---|
| Property Type | ${ params.property_type } | |
| Community | ${ community.name } | |
| Household Size | ${ params.household_size } | |
| Purchase Price | ${ calculation.one.purchase_price } | ${ calculation.conventional.purchase_price } |
| Down Payment | ${ calculation.one.down_payment } | ${ calculation.conventional.down_payment } |
| Mortgage Amount | ${ calculation.one.amount_financed } | ${ calculation.conventional.amount_financed } |
| Interest Rate | ${ calculation.one.interest_rate } | ${ calculation.conventional.interest_rate } |
| Principal and Interest | ${ calculation.one.principal } | ${ calculation.conventional.principal } |
| Property Taxes (per month) | ${ calculation.one.monthly_property_tax } | ${ calculation.conventional.monthly_property_tax } |
| Homeowner's Insurance (per month) | ${ calculation.one.monthly_insurance } | ${ calculation.conventional.monthly_insurance } |
| Private Mortgage Insurance | $0 | ${ calculation.conventional.pmi } |
| Condo Fee | ${ calculation.one.hoa_fees } | ${ calculation.conventional.hoa_fees } |
| MHP Interest Subsidy | -${ calculation.one.one_subsidy_1 } | $0 |
| Total Monthly Mortgage Payment (PITI) | ${ calculation.one.piti } | ${ calculation.conventional.piti } |
| Monthly Savings over a conventional 30-year fixed mortgage | ${ calculation.one.monthly_savings } | – |
| Increased buying power with ONE Mortgage | ${ calculation.one.price_difference } | – |
Payment Information:
| Years | Principal & Interest | MHP Subsidy¹ | Property Taxes, Insurance & Condo Fees | Total Monthly ONE Mortgage Payment (PITI) |
|---|---|---|---|---|
| 1-4 | ${ calculation.one.principal } | -${ calculation.one.one_subsidy_1 } | ${ calculation.one.tax_insurance_fees } | ${ calculation.one.piti } |
| 5 | ${ calculation.one.principal } | -${ calculation.one.one_subsidy_5 } | ${ calculation.one.tax_insurance_fees } | ${ calculation.one.piti_5 } |
| 6 | ${ calculation.one.principal } | -${ calculation.one.one_subsidy_6 } | ${ calculation.one.tax_insurance_fees } | ${ calculation.one.piti_6 } |
| 7 | ${ calculation.one.principal } | -${ calculation.one.one_subsidy_7 } | ${ calculation.one.tax_insurance_fees } | ${ calculation.one.piti_7 } |
| 8-30 | ${ calculation.one.principal } | -${ calculation.one.one_subsidy_8 } | ${ calculation.one.tax_insurance_fees } | ${ calculation.one.piti_8 } |
¹ The MHP interest subsidy gradually decreases over the first seven years of your loan.
Click here to learn more about how subsidy works.
Other Things You Need to Know:
Requirements to Qualify
In order to qualify for the ONE Mortgage Program, you must also meet the following requirements:
- Be a first-time homebuyer. This means that you have not owned a home in the three years prior to applying to the program.
- Not have more than $75,000 in total household assets. The asset test excludes retirement savings, government-approved college savings plans and municipal down payment or closing cost assistance programs.
- Meet the credit and underwriting requirements of a participating ONE Mortgage lender.
Assumptions
This estimate is based on a conservative evaluation of your financial picture. It assumes that you will pay no more than one third of your gross monthly income toward housing costs. Exceptions may apply. Contact your lender to be pre-approved for the ONE Mortgage Program.
These loan assumptions do not meet program requirements.
This specific loan can’t be financed by ONE Mortgage because:
Call us at 1-800-752-7131 for help, Mon-Fri, 9am–5pm.
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